True Value earnings drop on rising sales

Chicago – True Value Company reported declining earnings in the fourth quarter and fiscal year 2013 even as sales moderately increased compared to the same periods a year earlier. The retailer posted quarterly earnings of $12.5 million, a decrease of 57% from $29.1 million for the same period a year ago.

For the full fiscal year, True Value posted earnings of $55.3 million, a decrease of 26.2% from $74.9 million for the same period a year ago. True Value said the profit decrease was primarily driven by a 2012 fourth quarter litigation settlement gain of an ongoing matter.

Fourth quarter revenue was $340.7 million, up 0.2% from $340 million. Full year revenue was $1.41 billion, a 1% increase from about $1.4 billion. Same-store sales improved 2.1% during the fiscal year.

"We ramped things up in late summer, right through December, and I'm pleased to report we ended the year with increases in gross billings, revenue and comparable store sales," said president and CEO John Hartmann. "Our largest increase in both retail and wholesale comp store sales was in the farm, ranch, auto & pet product category. This category was up at wholesale 11.2%."

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